Current & Upcoming Financing

In April 2017, the Bond Bank closed on $12.795 million General Obligation Bonds, 2017 Series One (Non-AMT), and $31.655 million General Obligation Bonds, 2017 Series Two (AMT), under its 2005 General Resolution Program.  The 2017 Series One Bond proceeds were used: (i) to make two new loans to the Kenai Peninsula Borough; (ii) to make a new loan to the City of Seward; and (iii) to pay a portion of the costs of issuing the 2017 Series One Bonds.  The loans to the Kenai Peninsula Borough were used for the following purposes: (i) to finance a portion of costs of capital improvements to the Kenai Peninsula Borough’s Central Peninsula Landfill; and (ii) to finance a portion of the costs of capital improvements to the Kenai Peninsula Borough’s South Peninsula Hospital and Homer Medical Center.  The loan to the City of Seward is to be used to finance a portion of the costs of road-paving projects in the City of Seward.  The 2017 Two Bond proceeds were used: (i) to make a new loan to the City of Unalaska; (ii) to make a new loan to the City of Whittier; and (iii) to pay a portion of the costs of issuing the 2017 Series Two Bonds.  The loan to the City of Unalaska was used to finance a portion of the costs of capital improvements to the City of Unalaska’s harbor facilities and to make a deposit to the City of Unalaska’s borrower reserve account.  The loan to the City of Whittier is to be used to finance a portion of the costs of capital improvements to the City of Whittier’s harbor facilities and to make a deposit to the City of Whittier’s borrower reserve account.

 

In March 2017, the Bond Bank closed on $100.715 million Master Resolution General Obligation Bonds, Series 2017A, under its 2016 Master Resolution program.  The Series 2017A Bonds were issued to make a loan to Yukon-Kuskokwim Health Corporation (the “2017A Borrower”): (i) to pay, or to reimburse the 2017A Borrower for the payment of, a portion of the costs of designing, constructing and equipping the expansion of the 2017A Borrower’s hospital and designing, constructing and equipping the 2017A Borrower’s primary care clinic in Bethel, Alaska, known as the Paul John Calricaraq Project (the “2017A Project”); (ii) to make a deposit to the Authority’s 2016 Reserve Fund; (iii) to make a deposit to the Capitalized Interest Subaccount and to pay or provide for the payment of the 2017A Borrower’s Allocable Proportion of Authority Reserve Fund Interest Expense under the 2016 Master Resolution during construction; and (iv) to pay a portion of the costs of issuing the Series 2017A Bonds and costs of issuing the 2017A Borrower Bond.

 

In November 2016, the Bond Bank closed on $80.435 million General Obligation and Refunding Bonds, 2016 Series Three, and $29.4 million General Obligation and Refunding Bonds, 2016 Series Four (AMT), under its 2005 General Resolution program.  The 2016 Series Three Bond proceeds were used: (i) to make a new loan to the City and Borough of Juneau, (ii) to refund certain outstanding Reserve Fund Obligations and certain outstanding bonds previously issued by the Bond Bank, the proceeds of which were used to make loans to the Aleutians East Borough, the City of Bethel, the City of Dillingham, the Kenai Peninsula Borough, the City of Kodiak, the Kodiak Island Borough, the City of Nome, the Northwest Arctic Borough, the City of Petersburg, the City of Seward, the City and Borough of Sitka, the Municipality of Skagway and the City of Wasilla; and (iii) to pay a portion of the costs of issuing the 2016 Series Three Bonds.  The loan to the City and Borough of Juneau was used for the following purposes: (i) to pay a portion of costs of renovations to the Capital Transit maintenance shop; and (ii) to refund bonds previously issued by City and Borough of Juneau. The 2016 Series Four Bond proceeds were used: (i) to make a new loan to the City of Ketchikan; (ii) to refund certain outstanding Reserve Fund Obligations and certain outstanding bonds previously issued by the Bond Bank, the proceeds of which were used to make a loan to the City of Ketchikan; and (iii) to pay a portion of the costs of issuing the 2016 Series Four Bonds.  The loan to the City of Ketchikan was used to pay a portion of the costs of improvements to harbor facilities in the City of Ketchikan.